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NDTV Ethnic Retail Ltd, a subsidiary of news broadcaster NDTV Ltd, which operates its ecommerce venture, IndianRoots.com, has raised fresh round of funds.
In a BSE filing, the company said NDTV Ethnic Retail has concluded a fresh round of funding of $ 5 million at a valuation of $85 million from KJS Group. It said the funds will be used to scale up the portal’s logistics and delivery mechanisms and expand its marketing activity in the year ahead.
In a statement, Prannoy Roy, Co-chairperson, NDTV, said: “With the fresh investment in the business and the complete backing of the NDTV Group, IndianRoots will be able to push harder in achieving its plans for the year. We look forward to our partnership with the KJS Group in strengthening the IndianRoots venture.”
The company had launched the e-commerce venture in mid-2013 and showcases over 100 designers and over 700 brands on its curated online marketplace, and India and the US are its largest markets.
“NDTV Ethnic had achieved gross merchandise values (GMV) of ₹ 61 crore in the year ending March 31, 2015,” the BSE filing added.
NDTV’s share price closed at ₹ 126 up 10.14 per cent on Thursday on the BSE. In an BSE filing, put on November last year, the company had said that it will further invest in online assets to accelerate the company’s leadership position and benefit from the digital revolution, besides fix, restructure or sell non-core businesses and focus on accelerated growth in the core business.
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